Non-Employee Director Compensation Policy
This document outlines the compensation policy for non-employee members of the Board of Directors. Non-employee directors receive quarterly cash retainers, additional fees for chairing committees, and meeting attendance fees. They are also granted restricted stock awards upon joining and annually, which vest after one year. The company reimburses travel expenses related to board and committee meetings.
Exhibit 10.26
Director Compensation for
Non-Employee Members of Board
| Cash Compensation |
| Retainer |
| per qtr |
| ||||
|
|
|
|
|
|
| ||||
| Annual BOD Retainer (payable quarterly in advance) |
| $ | 30,000 |
| $ | 7,500 |
| ||
| Annual Audit Committee Chair Retainer (payable quarterly in advance) |
| $ | 10,000 |
| $ | 2,500 |
| ||
| Annual Other Committee Chair Retainer (payable quarterly in advance) |
| $ | 5,000 |
| $ | 1,250 |
| ||
| Meeting Fees |
| In Person |
| Telephonic |
| ||
| BOD |
| $ | 1,500 |
| $ | 500 |
|
| Any Committee |
| $ | 500 |
| $ | 500 |
|
Restricted Stock
Any new non-employee director who has not been in our prior employ will receive an initial grant of restricted stock with a fair market value of $30,000. Each non-employee director shall receive an annual grant of restricted stock with a fair market value of $30,000. The restricted stock awards will be granted to each director upon election and will be vested on the first anniversary of the date of grant.
Non-employee directors shall be reimbursed for travel expenses incurred in attending Board of Directors and Committee meetings.
